GFL Environmental Announces Densification of Southern US Footprint with the Acquisition of Frontier Waste Solutions and Provides an update on year-to-date M&A activity

Executive Summary

• GFL Environmental closed the acquisition of Frontier Waste Solutions, adding a vertically integrated solid‑waste network of 24 Texas sites, ~650 vehicles and ~1,000 employees.
• The deal was funded through GFL’s credit facility, cash on hand and issuance of 2,582,463 subordinate voting shares; Frontier shareholders contributed US$100 million of proceeds in GFL stock.
• Combined with seven other tuck‑in acquisitions completed YTD, the transactions are expected to generate $425‑$450 million of aggregate annualized revenue and support an increase to GFL’s 2026 guidance.

Key Details

• Acquisition Target: Frontier Waste Solutions (24 sites in Texas).
• Assets Acquired: Solid‑waste facilities, fleet of >650 vehicles, ~1,000 employees.
• Consideration: Partial cash/credit facility plus issuance of 2,582,463 subordinate voting shares; Frontier shareholders rolled US$100 million of proceeds into GFL shares.
• YTD M&A Activity: Total of eight acquisitions (Frontier + seven other tuck‑in deals) across multiple geographies.
• Revenue Impact: Expected contribution of $425‑$450 million in aggregate annualized revenue from the eight acquisitions.
• Financing Structure: Utilized existing credit facility, cash on hand, and equity issuance; no new debt raised specifically for these transactions.
• Guidance Outlook: Management indicated ability to raise 2026 guidance when Q1 results are reported later in April, while maintaining a net leverage target in the low‑to‑mid 3s (percentage).

Notable Quotes

“The acquisition of Frontier provides a highly complementary set of assets that densifies our footprint and strengthens our presence in the Texas Triangle…expected to drive outsized revenue growth over the coming years.” – Patrick Dovigi, Founder & CEO, GFL Environmental

“Together, these acquisitions are expected to contribute $425.0 to $450.0 million in aggregate annualized revenue.” – Patrick Dovigi, Founder & CEO, GFL Environmental